Project Abstract

ABSTRACT
This research project titled “Co-operative Thrift and Loan Society of Federal Ministry of Industry and Technology, Owerri, Imo state. The study was motivated by the necessity of requirement for the award of Higher National Diploma in Co-operative Economics and Management of Institute of Management and Technology (IMT), Enugu. It aimed at identifying the causes of the study of co-operative thrift and loan society in Owerri, Imo State.
To solve the research problems both primary and secondary data were collected. The research instruments used in collecting the data were questionnaire and oral interview. The respondents comprised of members of the society its employees and some members of staff of Federal Ministry of Commerce and Industry, Owerri, Imo State.

LOAN DEFAULTERS
Some loan defaulters often fail to authorize the deduction of their money when indebted to the society.
There is no external co-operative audit in the co-operative thrift and loan society. The conclusion of the study is that there is a problem in co-operative thrift and loan society, which is the fail, that it does fairly satisfy its member’s financial need. This is as a result of a number of factors such as poor management, lack of co-operation in the society and many other. The said society will satisfy its members if the above listed recommendations are implemented in the society.

Project Overview

1.0                                               INTRODUCTION
This chapter deals with background of the Study, statement of the problems, objectives of the study, significance of the study, research questions, scope and definitions of the study.
1.1                               BACKGROUND OF THE STUDY
The essence of a credit society is to create a pull of fund. It has from it’s beginning, been charged with designing and building members owned and controlled co-operative Finance System. The greatest handicap to goal attainment is fund. This society encourages the extension of micro and other credit facilities to rural and urban to galvanize their economic activities, which will create employment and raise the statement of human existence.
Consequently, co-operators have given much thought and effort to setting up their own financial institutions so as to marshal the financial resources necessary to provide the many services that modern co-operative business requires. It was largely the credit problems of farmers Co-operative that arose major public concern and caused the first widespread co-operative finance association to be formed in the farming sector, although consumers co-operatives have also encountered the need for more credits.
Those days, the citizens helped them selves by communal efforts as well as embarking on personal or collective savings. In Ibo land for instance, “Isusu” clubs provided a forum for collection of saving from members of the society. The members agreed on how the money was to be given out as loans to the members. Though the weakness of “Isusu” was that members did not always get the money they needed it. As a result of the problems of lack of credit, there arose a need for co-operative thrift and loan society to combat the problems and shortcomings of the “Isusu Clubs.  

1.2       STATEMENT OF THE PROBLEM
Workers are always in need of money to meet up with emergency, investment or provision for their retirement, what they need is loan that will be granted to them fro production or emergency purpose.
But in spite of all the effort of credit co-operatives, it is still experiencing low or decreasing productivity as it relates to the satisfaction of the members need especially in the rural and sub-urban areas. These are relatively low levels of productivity as some of the members are no more interested in their society. What are the causes of this low productivity in their services? Is it as a result of poor management, poor inspection by the co-operatives assistance, lack of co-operation among the co-operators?

1.3       PURPOSE OF THE STUDY
The general objective of the study is to determine the problem of the co-operatives thrift and loan society Limited in Owerri, (FMKT), Imo State.
To determine the general study of co-operative thrift and loan society in Owerri Imo State.
To access the operation of co-operative thrift and loan society, and in relation to the members, to determine the sources of capital and how members obtain loan and their pay-back system.

1.4                   SCOPE OF THE STUDY
The researcher of this study intended to study the problems of co-operative thrifts and loan societies in Owerri, Imo State, but will limit the study to co-operative thrift and loan society of the Federal Ministry of Industry and Technology Owerri, Imo State.